Safekeeping your wealth is an important thing to learn because this is where your quality of life depends. Without it, you will become unable to make the most out of your life.
Some might say that this is just being too materialistic. Well, there’s some truth to that. But there’s nothing wrong with that. The fact is, we are living in a materialistic world that is run by money.
Hence, we need to adapt to it and make sure that we get our fair share of it.
One good way to do that is by learning the right way to safekeeping your wealth.
This article aims to dive deep into the different methods that are proven effective. It’s all about securing your future at the end of the day.
Here is how.
The most common thing you can do is to start your own business. Having a business means that you get to create your income. You are also the one who can set your expected income. Having a business also means that you can become your own boss.
So, this means that it’s financial freedom to the fullest.
You don’t have to depend on your boss or your salary from the company. Instead, you can do what you want, such as expanding to your product lines or services and targeting the right market to maximize sales, and in the process, boost profits.
Real estate is also a great way to secure your wealth because these never depreciate. This means that land does not lose value in the long run, as opposed to regular assets out there like cars which depreciate in value.
That increase in value might be a bit slow. But it’s a sure and gradual process. The average increase in value is around 3% to 5%. But this depends on the location.
Keeping your money in the bank is the most popular and easiest way to safe-keep your wealth. Just make sure that the bank you choose is a renowned and reputable bank.
If possible, it should have many branches around the country so that there is less risk of bankruptcy. You surely don’t want to put money on a failing bank, right?
Note, though, that the interest rate isn’t that high for banks as it is just around 1% annually.
This means that the money you deposit into your bank account will just increase by around 1% in a year. Compare that to other areas like real estate where it can increase up to 5% or even more annually.
You can also store your wealth inside a vault and put it inside your home. Make sure that you get one that is made by a reliable safe and vault company so that your cash and important things are assured to be safe inside.
They should be tamperproof, and if possible, waterproof so that they will really keep your things inside safe.
The common stuff you can put in there is cash. But you can also store precious metals inside a safe, such as gold bars, silver, and even diamonds and different kinds of pieces of jewelry.
You can also put important papers and documents there such as land titles and property documents. Just make sure that you also buy a hand sanitizer and use it after touching the things inside as they can get dirty and dusty if left inside for years.
Cryptocurrencies are still a bit new to common society even though they have already been around for at least a decade.
Nonetheless, this financial breakthrough is now starting to enter the mainstream market as it has already started the greatest wealth transfer in history.
Millions of people around the world have already become millionaires, or at least, exponentially increased their wealth thanks to crypto.
These are a great place to invest and secure your wealth if you are alright to take massive risks. Note that you can lose money here, but the gains are also massive.
You also need to know when to time the market and sell your crypto while taking profits so you don’t end up broke. Bitcoin, Ethereum, Cardano, Solana, Polygon, and Stellar Lumens are some of the most popular and biggest cryptocurrencies to date that you can invest in.
Just like cryptocurrencies, the stock market can also bring you immense wealth. But the thing is, the process is a bit slower here, albeit way safer.
Price fluctuations are minimal and growth is very slow. Expect to increase your capital by around 10% to 50% annually with this, as compared to cryptos where you can settle for 1,000% to even 10,000% or more gains in less than a month, or if you’re lucky, in just a day.
Nonetheless, the stock market is a great choice if you have big money and you are in for the long haul.
Another smart way to safe-keep your wealth is to have rental properties. You need to have a lot of money on this because you need to build properties such as apartment buildings and condominiums.
What’s great about this, though, is that you get a steady income from your tenants. This is also a smart way to earn some profits if you happen to pay a mortgage on an installment basis.
Simply increase the monthly price for a rental, sign a long-term contract, and you’re good to go to receive profits monthly for years to come. You can also cut down costs by knowing DIY when it comes to renovating the rental property or house.
In conclusion, safekeeping your wealth is the best thing to do if you want to secure your future.
There are many ways to do that. You just have to be careful, smart, and wise when it comes to using your money.